Capital Power Corporation announced that its Bloom Wind project in Kansas began commercial operation on June 1, 2017. The construction of the 178 MW facility was completed ahead of schedule and construction costs were below budget.
“The completion of Bloom Wind is a significant milestone for Capital Power as it is our first wind development project in the United States,” said Brian Vaasjo, President and CEO Capital Power. “We expect this to be the first of many U.S. wind development projects to reach completion.”
Bloom Wind was developed using an innovative 10-year proxy revenue swap agreement with Allianz Risk Transfer, a subsidiary of Allianz SE, the worldwide insurance and asset management group. Capital Power is among the first independent power producers in North America to utilize a proxy revenue swap agreement, which received award recognition from IJGlobal as the North American Wind Deal of the Year.
Further supporting its contracted growth strategy, the company successfully completed the acquisition of the Decatur Energy Center for U.S. $448 million from an affiliate ofLS Power Equity Partners III that was previously announced on April 12, 2017.
The 795-MW combined-cycle facility located in Alabama, operates under a tolling agreement and is fully contracted until 2022.On June 1, 2017, the Company also closed the acquisition of 10 MW of zero-emissions waste heat generation from two facilities, located in Savona and 150 Mile House, British Columbia.
“The completion of Bloom Wind and the acquisition of the Decatur Energy demonstrates that Capital Power is executing on its contracted U.S. growth plans,” added Mr. Vaasjo.
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